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INTERVIEW: Why Lagos govt is establishing new universities – Governor Sanwo-Olu’s adviser, Tokunbo Wahab.

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3 years ago

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In this interview, the special adviser on education to Governor Babajide Sanwo-Olu, TOKUNBO WAHAB, speaks on why the state government is establishing two new universities

At a time when Nigerians are calling for improving existing public universities, the Lagos State government wants to establish two new ones. Is that a wise decision?

Basically, it’s about changing the landscape backed by available data and doing the needful for the state’s residents and Nigerians in general. Mr Babajide Sanwo-Olu’s T.H.E.M.E.S Agenda is very clear and explicit. It stands for Traffic Management and Transportation, Health and Environment, Education and Technology, Making Lagos a 21ST Century Economy, Entertainment and Tourism, and Governance and Security. We have education and technology as the pillars.

When we came in, in 2019, we checked the key performance indicator (KPI) and the data showed that two of our tertiary institutions – Adeniran Ogunsanya College of Education (AOCOED), Ijanikin, and Michael Otedola College of Primary Education (MOCPED), Epe, were not performing at the optimum. They both had a combined enrollment of just about 5,000 as of December 2021. Yet, they were receiving roughly N5.5 billion annually as subvention.

We found out that to train an NCE student per year costs about N600,000. But what is the worth of the NCE certificate itself? We have recruited teachers back to back within the last three years of this administration and I can tell you that our criteria even say you must have a bachelor’s of education (B.Ed) and not just NCE.

So you juxtapose this with the situation where the best students always want to go to universities, while the rest struggle to choose between polytechnics and colleges of education. Yet, the poor ones who opt for NCEs would be handed the children of the best to train in future when they manage to become teachers.

Also, statistics from the Joint Admissions and Matriculation Board (JAMB) revealed that in 2020, out of 574,782 candidates that applied to sit the Unified Tertiary Matriculation Examination (UTME) from the six states in the South West, Lagos State alone accounted for almost half of the figure at 240,829. But Lagos State has a single state-owned university while Ondo has three and Ogun, two. Not until recently when Osun and Oyo states went their separate ways on the Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, the two also had more than one state-owned university. The implication is that our students from Lagos continue to struggle to gain admission to universities because other states usually introduce classification based on indigeneship.

Meanwhile, our only hitherto state-owned university, Lagos State University (LASU), Ojo, couldn’t admit more than 5,000 at a go, yet the applications are very high in number. So, with this number, it is apparent that we have a ticking time bomb at hand which we felt we must address frontally.
We also have the issue of discrimination against HND holders, and as a state, there is little we could do because addressing such a policy issue lies almost entirely with the federal government. Except if you go for conversion, with a HND certificate you may not move beyond level 15 in the civil service.

So, sincerely yours, we need to call a spade a spade; NCE, OND and HND are simply no longer relevant. The discrimination against them in the labour market is too much. And if I should ask, why do you think the British, which bequeathed this system of education to us, scrapped its polytechnics more than 30 years ago? It is because they saw the future ahead of time. And it is even worse for NCE. We are recruiting people for our secondary schools in Lagos and we are asking them for Bachelor’s degrees in education. You must have a B.Ed or diploma in education. So it is unfortunate but that is the reality of our time. The 21st century has gone beyond NCE holders. In fact, there is a report that says by 2020, 20 per cent of the jobs that will be available will be for degree holders.

So, consequently, we had to draft the law, approach the House of Assembly, and thankfully, Mr Governor insisted that we must convince everyone and I am glad the Rt. Honourable Speaker agreed with us and bought into the vision. So we are happy that today, we have dotted all the “Is” and crossed all the “Ts”. We now have two additional universities in Lagos State.

So by phasing out the state’s polytechnic and colleges of education, what happens to the middle-level manpower that will be required in the new Lagos?

We are not oblivious of the fact that we would need skilled workers as middle-level manpower. But the reality is that we have found ourselves in a system that is too crazy about certificates. We cannot continue to keep schools that will eventually have no enrollment. So what we have done is to return to the past when we used to have strong technical colleges where the future of skilled workers can be prepared. We are currently ramping up our investment in technical colleges. In the first quarter, we are going to have about 50 comprehensive technical colleges.

In the past, if you had a flair for handwork, they would train and certify you. But these days, all our artisans are now foreigners. Today, if a child doesn’t have the capacity to go to the university, the parents will still force the child to sit UTME, they will bribe to write WASSCE and push them there, and they will begin to struggle from first year. But with the technical colleges, we are trying to find a way to bring the old culture back, which we think will reduce the pressure on the university system because they could set up their businesses from there.

Beyond physical infrastructure, there are other academic criteria to be met before institutions can be upgraded to the status of a university. Do these schools have the required number of PhD holders?

Our academic brief has the details on that. For instance, between AOCOED and MOCPED, we have about 53 PhD holders when we merge them together, while LASPOTECH has about 60 PhD holders with about 30 others still pursuing their PhD in various fields. That is why we said there would be a transition period. For those that are not qualified yet, we will give them a definite window period to complete their PhD programmes. Meanwhile, they will still be lecturing in the subsisting structure of OND and HND programmes until the last set of students on the programmes graduates.
The major stumbling blocks to similar upgrades of institutions in the past have usually been the fate of the workers. How much assurance of cooperation do you have with the workers?

For us, since we now have the recognition, the implementation now goes to the issue of recalibrating the workers, re-classifying them, which is key. We have been engaging them for a while now, and we have assured them that the bigger picture should be the most important to us all.
Some of them who are chief lecturers don’t even have students to challenge and task them. But since the position of chief lectureship doesn’t exist in a university structure, they will have to be reclassified and adjusted to suit a system that will accommodate them in a new nomenclature. That’s what we are trying to do.

Now, the engagement is still ongoing and I can assure you that everyone understands what it takes to adapt to life situations. Everybody just has fears – fears of what would happen to my job, can I survive in a new structure? And surprisingly, a chief lecturer earns more than a professor in a university. I found that out in the course of this transmutation exercise. So we have said to them that once they are reclassified, nobody will take their money but they must be ready to be adaptable to this wheel of progress.

So for us, we have said no one will be jobless, except it is expedient that there is nothing we can do about it. And that may happen when we have to merge the two colleges- AOCOED and MOCPED, and we eventually have excess faculty, then others should agree to go somewhere else. But we want to make it as seamless as possible, and as painless as possible.

What happens to the students currently running the ND, HND and NCE programmes?

Now, for the students, if you come in for a university degree, they will give you lectures under the university platform. For the hitherto existing programmes, they will continue to run until they finish. And for the NCE in particular, the two affected institutions were already running degree programmes in partnership with various universities including University of Ibadan, Ekiti State University, among others. So they already have the structures in place. What is left is just for them to own the programmes instead of running them in affiliation with other universities. So what we have done is that rather than cutting corners, they are now empowered to stand straight and acquire the required human resources and relevant tools.

You just mentioned acquiring tools and human resources, where will the huge resources needed come from?

I am very glad and proud to say that to avoid any itch, the government insisted on a reasonable take-off grant and there is a budgetary allocation for them in the 2022 budget. The take-off grant is very substantial but I would not be specific here.

Let me also say confidently that this governor in the past two years has ramped up the infrastructure deficit and tried to bridge the gap even in LASU. You can go and find out. Contractors have been mobilised to sites to give all these institutions a befitting world-class look.
In LASU for instance, the faculty of education is one of the biggest of the faculties, and so the new faculty of education being built will be one of the best in the country. And then, at the end of 2021, contractors were also mobilised to build a world-class tech hub there. It will be multifaceted and multi-disciplinary so that you can have space there.

When the governor came in 2019, he increased the tertiary institutions’ subventions across the board and even gave them bailouts. One or two of them, with due respect, are owing pension funds. So we need to know who diverted the funds. You can’t ask for a bailout without telling us who touched the funds. We can’t do things the same way and expect a different result.

But we can confirm to you that students are still cramped together in certain classes in LASU, especially with the introduction of stream one and two sets. How do you now justify the creation of additional universities?
Now, realistically, when you have infrastructure deficits, you don’t bridge it overnight. We have a very deliberate attempt to bridge it. We have done and are still doing that for LASU. So many structures are currently and simultaneously being put up, including those that had been abandoned for more than 13 years, such as the library building, among others. Because we understand that the government is a continuum, we have taken it upon ourselves not to leave any project abandoned. The three universities and other tertiary institutions are currently enjoying massive investments in infrastructure but we agree that we cannot do everything at once. And for your information, doing all these has in no way affected the sub-sectors of education, be it primary, secondary or other levels of tertiary education, such as the school of nursing and school of health technology. The governor has even taken up some responsibilities that ordinarily should be handled by the state’s universal basic education board (SUBEB).

What the governor has just done is to be deliberate in his approach. Yes, we agree there is a deficit but within two and a half years of this administration, more than 1,000 schools have been uplifted and he is not even stopping at that. But the result will not come overnight, realistically. And I will tell you why. We have over 18,000 private schools in Lagos State, why are they thriving? Because they have seen a gap, a niche, a market and that market is because most of us, elite, with due respect, through the years, deliberately killed public schools. I am a product of a public school, you are a product of public school. Go to your hall of residence in OAU, compare it to when you were in school. Even then, it was not as good, but today it is just totally bad. I went to UNIBEN and when we got to its law faculty where we were trained, people were weeping. What happened? Government took its eye off the ball. What happened to the federal government colleges? Go back there today, you will be shocked.

Now if you would agree that the existing universities are in bad shape, why should we continue to build new ones instead of fixing the old ones? Do you agree with ASUU’s request that new state-owned tertiary institutions should not benefit from TETFund grants in their first 10 years of existence?

For me, if I had my way, I would say don’t just start giving them grants in their first years of establishment. Maybe 10 years may be too wide for the window, maybe for the first two and a half years to be sure that they can even sustain such institutions. Take, for instance, we are setting up two universities as a state, and I can give you the details and our sustainability plan. We know the enrolment number, the existing schools’ internally generated revenues, how much we give them as subvention. So I believe it is in order to stop new public universities from accessing TETFund grants until we are sure of their sound footing.

Meanwhile, I am of the opinion that the existing policy that only professors should be vice-chancellors should be tinkered with. I believe professors should face academics and they can come in to function as deputy vice-chancellors in charge of academic matters. This is what we see in other parts of the world.

How affordable will the new universities be for the children of the common man on the streets of Lagos?

I can assure you that the fees will be as affordable as possible. And I am saying this because I know that, all over the world, university education is not cheap. But we are subsidising because we understand that the economy is poor and the social structure is really not there to help the people. For instance, LASU charges N57,000 for freshers. So, before the first set of students will come in, the schools will do the numbers to determine it.

Let me also give you an insight; do you know how much these schools currently charge for their sandwich degree programmes which are run in affiliation with other institutions? Their students pay up to N350,000. But we can’t charge up to that because we want education to be accessible, yet we want to give quality to our citizens as Lagosians. That is the ultimate wish of the governor, for Lagosians to have the best.

 

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Exposed: Security agencies uncover, close up on officials behind smear campaign against CBN gov, Cardoso.

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2 weeks ago

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February 12, 2025

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Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has come under attack and a smear campaign from detractors and vested interests opposed to the ongoing economic reforms spearheaded by his administration, investigations have revealed.

Findings indicate that these attacks are being orchestrated by disgruntled elements within and outside the apex bank, aiming to discredit the governor and reverse the progress made in stabilizing Nigeria’s economy.

Cardoso took over a deeply corrupt and dysfunctional system under the former administration of the apex bank. It would be recalled that findings by the Special Investigator of the Central Bank of Nigeria and Other Related Entities revealed that certain elements within the system had turned the CBN into their personal and family enterprise, allegedly siphoning off billions in stolen and embezzled funds.

The previous administration of the apex bank was said to have expended over ₦10 trillion in about six years on various interventions across different sectors of the economy, yet with little to no significant impact. The CBN had become a cesspool of corruption, necessitating urgent and radical reforms to restore its integrity and credibility.

Upon assuming office in September 2023, we gathered that Cardoso conducted a comprehensive review of the entire system and concluded that a complete cleanup was essential for his success. This prompted the CBN boss to implement bold and drastic internal reforms to enhance operational efficiency.

However, these reforms have not come without opposition.

Further investigations revealed that the recent attacks against the CBN Governor are part of a smear campaign orchestrated by certain disgruntled top officials and former officials of the CBN. Security sources confirmed that communication tracking has identified a serving director, two deputy directors, and two former directors as the masterminds behind the ongoing attacks. These individuals are allegedly working to tarnish the apex-bank governor’s reputation through blackmail and misinformation. We learned that security agencies are closely monitoring their activities, and they are expected to face legal consequences soon.

“Yes, we have received petitions regarding attempts to blackmail the governor of the CBN. A high-level investigation has commenced, and those found culpable shall face the full wrath of the law. We are collaborating with another sister agency on the matter,” a top DSS official, who is not authorized to comment on the matter, told our correspondent.

As part of the recent reforms, several redundant directors and senior officials accused of engaging in forex manipulations that weakened the naira over the years have been retired. The restructuring process included the voluntary retirement of many officials, who were well compensated for their years of service. This initiative was largely welcomed by many. Additionally, the bank transferred some staff from the Abuja headquarters to Lagos and other regional offices across the federation to optimize operations. However, these measures did not sit well with some individuals, as they effectively blocked corruption loopholes, leading to resistance from affected parties.

Notably, many of the officials who have exited the CBN were closely associated with the embattled former governor, Godwin Emefiele, who has been accused of running the apex-bank and the Nigerian economy aground. Emefiele is currently facing multiple charges, including fraud, money laundering, and abuse of office. Recall that the Department of State Services (DSS) had arrested several former deputy governors, directors, deputy directors and some other officials of the CBN linked to Emefiele over allegations of financial misconduct and irregular forex allocations.

Despite facing opposition, the policies and reforms initiated by the Cardoso-led CBN have begun to yield positive results. The reforms have restored confidence among both foreign and domestic investors, bolstering efforts to attain price stability.

The implementation of critical measures in the foreign exchange (forex) market has led to a strengthening of the naira against foreign currencies in both parallel and the Nigerian Autonomous Foreign Exchange Market (NAFEM). Additionally, foreign direct investments (FDIs) are on the rise, signaling increased investor confidence due to improved forex management and greater transparency in financial operations.

One of the key reforms under Cardoso’s leadership was the overhaul of the Bureau De Change (BDC) operations, which had become a conduit for illicit financial activities, including terrorism financing and money laundering. The BDC segment was being exploited by bank staff and even some CBN officials for arbitrage, distorting the forex market. As part of the clean-up, the CBN revoked 4,173 BDC licenses, effectively dismantling corrupt networks and restoring discipline in the sector.

The electronic FX matching platform and the Nigeria FX Code, introduced by Cardoso into the system, have also been pivotal in restoring transparency. As a result of these efforts, investor confidence has surged, foreign portfolio inflows have increased, and external reserves have risen to over $40 billion, the highest level in nearly three years.

The Cardoso-led CBN has also been able to unify the exchange rate system and eliminate multiple exchange rates, which had previously distorted market operations. In addition, the clearance of a $7 billion backlog in foreign exchange obligations addressed a critical bottleneck that had long hindered Nigeria’s economic growth.

In the banking sector, Cardoso has put up strategies to uplift the sector and increase stakeholders’ confidence. On March 26, 2024, the CBN announced a new minimum capital base for banks. Under the new policy, the minimum capital requirement for commercial banks with international authorization was raised to ₦500 billion, while banks with national authorization now require ₦200 billion, and those with regional authorization must have a minimum of ₦50 billion. With this new directive, the CBN aims to attract fresh capital inflows, strengthen banks, and enhance their capacity to drive economic growth. The policy is also expected to support President Bola Tinubu’s ambitious goal of achieving a Gross Domestic Product (GDP) of $1.0 trillion within the next seven years.

Furthermore, the CBN’s decision to cease deficit financing through its Ways and Means advances, a practice that had reached an unsustainable ₦22.7 trillion as of 2023, has marked a return to fiscal discipline and reinforced the Bank’s core mandate of ensuring price stability.

Under Cardoso’s leadership, Nigeria has positioned itself as a leader in digital payment innovation, surpassing many advanced economies and solidifying its status as a fintech hub in Africa. Homegrown unicorns have played a crucial role in expanding financial inclusion, further demonstrating the impact of the reforms.

The Witness.

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Interview

FCMB Vs Cool Financial Services: FCMB’s Response Claims Cool Financial’s Lawsuit Lacks Merit

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2 weeks ago

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February 7, 2025

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First City Monument Bank (FCMB) has responded to report on finance house Cool Financial Services’ lawsuit against it after a customer was able to withdraw a N150 million loan from a frozen bank account.

FCMB wrote a day after the report was published and three weeks after the initial request for comments was sent.

“FCMB believes the lawsuit filed by Cool Financial Services is without merit, as the bank had no contractual or fiduciary obligations to them,” the bank stated in an email on Thursday.

We had earlier reported that Cool Financial Services, a finance house based in Lagos State, lent Goewe and Sons Ltd., a supplier, a loan facility of N150 million in 2023 and the said loan was to be deposited in the borrower’s account domiciled at FCMB untouched.

At the expiration of the loan tenor, the lender was surprised to discover that the N150 million had been withdrawn from the account without its knowledge despite an earlier mandate stating that only the lender could authorise the withdrawal of that amount from the account.

Prior to the publication, FCMB had been requesting for one week after another week to investigate and respond to request for comments. We went to press on Wednesday, three weeks later.

A day after publication, however, FCMB responded with claims that the N150 million withdrawal was properly done and that it had no customer-banker relationship with the lender at the time of the loan transaction.

“To set the record straight, FCMB categorically states that it had no contractual relationship, express or implied, with Cool Financial Services concerning the N150 million. Claims of a fiduciary relationship or contractual obligations are without merit,” Adeola Adejokun, FCMB’s head of communications, wrote in an email on Thursday.

“Contrary to Cool Financial Services’ claims, they opened an account with FCMB on February 21, 2024. Therefore, no banker-customer relationship existed between FCMB and Cool Financial Services during their dispute with Goewe and Sons Ltd.”

The lender had earlier said, with documents in tow, that the borrower made it a ‘Category A’ signatory to the loan account to keep it informed of any activity on the account holding the N150 million. An email address of the lender’s representative requested to be added in addition to the new mandate instruction.

While admitting the fact stated above, FCMB said the dissipation of the loan sum from the account followed legal procedures.

“FCMB was not a party to any agreement that was said to have involved Cool Financial Services and Goewe and Sons Ltd. No arrangements existed that obligated FCMB to act on behalf of Cool Financial Services regarding the management of the disputed funds,” the bank’s Thursday email read.

“Goewe and Sons Ltd., an FCMB customer, received a standard loan facility secured by a lien on their deposit account, as detailed in the loan agreement dated July 24, 2023. While a representative from Cool Financial Services was listed as a co-signatory on one of Goewe and Sons Ltd.’s accounts, FCMB acted according to the legally provided account mandates.

“Subsequently, Goewe and Sons Ltd. changed the mandate following due process, and FCMB was under no obligation to seek authorisation from Cool Financial Services for this change.”

Similar to the borrower’s response to FIJ, the bank stated the loan had been repaid.

“Goewe and Sons Nigeria Limited and Cool Financial Services Limited had a financial dispute that involved law enforcement agencies. On January 19, 2024, Goewe paid Cool Financial Services Limited N150 million via bank drafts through its legal counsel,” FCMB wrote.

“FCMB conducted all transactions with Goewe and Sons Ltd. in good faith, adhering strictly to banking regulations and internal policies. The bank acted neither negligently nor breached any duty towards Cool Financial Services.

“FCMB believes the lawsuit filed by Cool Financial Services is without merit, as the bank had no contractual or fiduciary obligations to them. Goewe and Sons Ltd. has already repaid Cool Financial Services.”

The bank said that it had filed its defence to the lender’s statement of claim in court, adding that the case came up for mention on Wednesday and the court subsequently adjourned it until March 18.

Source: FIJ

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Cool Financial Sues FCMB for Allowing Borrower to Withdraw N150m From Frozen Account

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3 weeks ago

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February 5, 2025

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Cool Financial Services, a Lagos State-based finance house, has sued First City Monument Bank (FCMB) for allowing Goewe and Sons Ltd., one of its borrowers, to withdraw a N150 million loan sum from an account with an active freezing instruction.

Goewe and Sons Ltd. is a merchandise company owned by Ewere Godwin Orobosa. In July 2023, the company first approached the finance house for a N100 million loan at a 3.5% interest rate for a duration of 30 days.

Again, in September 2023, the company obtained an additional loan of N50 million at an interest rate of 1.5% for a month, bringing the entire loan to N150 million.

The borrower intended to pursue a contract and needed to have the said amount in its bank account, but the loan was not to be used to execute the potential contract.

Both Goewe and Sons Ltd. and Cool Financial Services then instructed FCMB to freeze the loan account so that the loan sum could remain untouched for the period of the transaction, according to a loan agreement dated September 18, 2023.

The borrower had earlier written to the bank to alter its account mandate through a board resolution dated September 15, 2023. The borrower appointed Ewere-Egharevba Orobosa, representing the borrower, and Roseline Anibueze, representing the lender, as ‘Category A’ signatories to the account.

The directive further specifically stated that the representative of the lender shall have the power to authorise any withdrawal below N150 million from the account while any withdrawal exceeding that amount shall be jointly authorised by the two signatories.

“Those measures were put in place to guarantee compliance with the terms and conditions of the loan facility,” Oluwafemi Adediran, head of the legal unit at the finance house, told FIJ on Wednesday.

After the loan duration expired, the lender wanted to withdraw it. So, on October 23, 2023, the finance house presented a transfer cheque at the Chevron branch of FCMB in Lagos confident that the money was intact. But the cheque was dishonoured and the bank revealed that the borrower had already withdrawn the loan.

“Upon our investigations and findings, we became aware albeit shocked that you disregarded the lien on the account and processed a loan of N150,000,000 (one hundred and fifty million naira) on the back of the restricted facility meant only as proof of funds. What is more, we are alarmed not only by this act but by the temerity and obviously premeditated criminal falsification of the signatures of the representatives of our client as signatory ‘A’ before the consummation of the unauthorised mindless transaction,” Justice John, a legal practitioner, wrote to a business manager at Sanusi Fafunwa Branch of FCMB and the FCMB managing director on behalf of the lender on September 26, 2023 and October 26 respectively.

On October 25, 2023, the lender visited the Sanusi Fafunwa Branch. There, Chukwuma Chukwuka and Isiaq Babatunde, both officials of the bank, appealed for a cure period of 72 hours to remedy the situation. An additional 48 hours was given to the bank to sort out the issue internally, according to a November 2023 court filing signed by Anibueze.

Those cure periods were not adhered to. On October 31, FCMB through Tosin Talabi and Akin Akintola, both legal counsel and head of litigation for the bank, said it had commenced an investigation into the issue.

“In accordance with our internal procedure, we have commenced investigations into the issues raised in your letter under reference and shall revert to you shortly with the bank’s position once the investigation (sic) is concluded,” the legal counsel wrote.

“At the time we went to the bank to verify how the money was withdrawn, we found out that the freezing instruction was still active on the account. We observed that our director’s signature was forged to make the withdrawal. The question the bank has not answered is, ‘How was it possible to withdraw money from an account with an active no-withdraw order?’”

More than a year after the letter referenced above, the bank was yet to reveal the findings of its investigation.

SEEKING REDRESS THROUGH COURT
In November 2023, the lender filed a suit marked FHC/2377/2023 before a Federal High Court in Lagos seeking to recover losses it had incurred as a result of what it considered “a criminal conspiracy”.

Sued in the lawsuit were FCMB as the first defendant, the borrower as the second defendant and the Central Bank of Nigeria (CBN), FCMB’s regulator, as the third defendant.

“A declaration that the action of the 1st defendant amounts to breach of fiduciary duties owed to the plaintiff,” the first leg of the relief read.

“An order directing the 1st defendant to immediately pay the plaintiff its capital in the sum of N150,000,000 (One Hundred and Fifty Million Naira Only) with (an) interest rate of 21% per annum or at the prevailing Central Bank of Nigeria’s rate from October 23, 2023, when the plaintiff’s transfer request was dishonoured by the 1st defendant despite the plaintiff’s account being funded; and without any satisfactory explanation by the 1st defendant to the plaintiff.

“General damages in the sum of N250,000,000 (Two Hundred and Fifty Million Naira Only) against the 1st defendant for the economic loss, embarrassment and financial exposures suffered by the plaintiff as a result of the devastating action of the 1st defendant, bearing in mind that the plaintiff is in the business of loans and SMS financing.

“An order of this honourable court directing the 1st defendant to pay interest on the judgment sums at the rate of 21% per annum or at the prevailing Central Bank of Nigeria’s rate, from the commencement of this suit till the date of judgment, and 14% per annum from the delivery of judgment till liquidation of the entire judgment sum to the plaintiff.

“An order of this honourable court directing the 3rd defendant to enforce compliance of the 1st defendant by drawing from the deposits of the 1st defendant in its care to settle all monetary sums and liabilities thereof by the 1st defendant herein in the event that the 1st defendant is unable to pay same.

“The cost of this action in the sum of N5,000,000 (Five Million Naira).”

The court has not fixed a hearing date for the case. At press time, FIJ learnt that FCMB had not filed any response to the lender’s filings.

FCMB had not responded to a request for comments at press time. On January 15, Rafiu Muhammed, a corporate affairs and media management officer at the bank, acknowledged FIJ’s email on the phone and promised that the bank would investigate and respond soon.

When asked to be specific when the bank would respond, Muhammed said, “I don’t want to give you an unrealistic time. But we will investigate and respond very soon.”

FIJ sent him a reminder on January 24 and Muhammed responded, “Give us till next week.”

FIJ called him again on Wednesday and Muhammed requested one more week. “We will try to expedite our investigation. Give us till next week,” he repeated.

THE BORROWER’S RESPONSE
In the court documents, the lender accused the borrower of falsifying Anibueze’s signature and conspiring with the bank to withdraw the money.

On January 15, FIJ contacted Godwin Ewere, the director of the borrower, for his comments. He denied falsifying any signature, stating that he had defrayed the loan and was no longer indebted to the lender.

“The loan obtained from Cool Financial Services has been fully paid and liquidated. We no longer owe Cool Financial Services. No signature was forged whatsoever,” Ewere said, adding that he also wanted to sue FCMB.

“I don’t want to say anything, because I want to sue FCMB.

“I am ready to meet them in court. I still see my name on (the) credit bureau that I am owing them [the lender]. They are saying over N20 million, which I don’t understand.”

Ewere showed FIJ a harmonised document containing a series of cheques he issued in the name of the lender.

When FIJ relayed Ewere’s response to the lender’s head of legal unit, he said it was a lie. He maintained that the borrower defaulted in repaying the loan and also withdrew the money illegally.

 

Source: FIJ

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